October could also be over, however Halloween is a novel and memorable vacation.
In true CEX.IO spirit, we organized a creativity contest on Twitter granting USDT tokens to 5 fortunate winners who submitted enjoyable and inventive tales of their scariest crypto nightmares.
Our winners had been certainly artistic, but additionally raised respectable crypto-related issues. Due to this fact, along with celebrating their creativity, we additionally needed to place their minds comfortable and present how one can take care of/keep away from every of those crypto fears and points.
Beneath are the winners’ tales, and our group’s professional tips about the way to take care of them.
1. Crypto fraudsters
Tips on how to keep away from this difficulty
Cryptocurrencies are in style globally and probably profitable. As such, they will signify fertile soil for nefarious and fraudulent market actors. It’s important to keep in mind that performing ample analysis and due diligence is one of the simplest ways to guard your self from being scammed.
Moreover, do your greatest to not take crypto recommendation from web boards, people on social media, celebrities, or anybody else you don’t know properly.
The truth is, one of the crucial widespread methods crypto fanatics fall sufferer to those scams is by responding to affords that promise to “double your investments with one click on.” Such scams typically contain sending crypto to unknown teams or people, which as a rule leads to customers shedding their hard-earned crypto.
As an alternative, your most secure wager is to deal with established and famend people and corporations with strong monetary credentials (like CEX.IO).
2. Forgetting pockets passwords
Tips on how to keep away from this difficulty
Most crypto wallets these days function computerized logins, like FaceID or Thumbprint ID (relying in your kind of smartphone). For those who’re utilizing a laptop computer/pill/desktop pc, you possible even have a code. Alternatively, you may additionally think about using trusted custodial wallets, to not point out that, with CEX.IO, you may all the time restore your passwords.
3. Misplaced crypto alternatives
Tips on how to keep away from this difficulty
The cryptocurrency market is unpredictable and unstable. In different phrases, there is no such thing as a assured option to acknowledge when an asset’s value will go up or down.
Nonetheless, we monitor the markets 24/7 to look at and analyze traits in an try to know market habits.
To that finish, portfolio diversification could possibly be a sensible selection for threat administration. Additionally, staking is an alternative choice obtainable on our platform that has the potential to attenuate the results of market volatility. You’ll be able to be taught extra about it right here.
Additionally, in the event you’re curious about studying extra about perspective tokens, try CEX.IO College, or bookmark our weblog for normal crypto highlight items.
4. Hacking
Tips on how to keep away from this difficulty
Hacking is a scary factor to expertise at the present time of the web, and much more so on the subject of crypto. Nonetheless, there are quite a few methods you may defend your crypto pockets from being hacked.
Examples embrace storing your crypto in a “chilly” pockets, often altering your password, utilizing 2-factor authentication, and avoiding public WiFi when accessing your crypto property. For optimum security, we advocate combining two or extra of those strategies to make sure your crypto portfolio is totally protected.
5. Market crash
Tips on how to keep away from this difficulty
As talked about above, monetary markets — crypto included — are unpredictable. In addition they transfer in a cyclical style, which means crashes happen periodically. Regardless, not all is misplaced (pun meant) even when the markets go down, as a result of there are methods to attenuate your losses.
(because the outdated saying goes – “a loss isn’t a loss till you promote”).
For instance, the oldest rule within the investing e-book is to solely make investments funds you may afford to lose. Concurrently, think about having an emergency fund to cushion the blow of a market downturn. Whilst you’re at it, selecting to diversify your funding portfolio will help keep away from the second oldest rule of “not placing all of your eggs in the identical basket.”
Lastly, you might even think about selecting solely cryptocurrencies with long-term potential (such because the oldest/greatest names within the recreation) or that supply a tangible resolution past speculative worth.
That is in no way an exhaustive record of all of the dangers that exist within the cryptocurrency area. Nonetheless, we hope that by sharing these experiences, and the hard-earned knowledge they will impart, you’re higher geared up to take advantage of knowledgeable choices alongside your crypto journey.
Disclaimer: Data supplied by CEX.IO is just not meant to be, nor ought to it’s construed as monetary, tax or authorized recommendation. The danger of loss in buying and selling or holding digital property might be substantial. It’s best to rigorously think about whether or not interacting with, holding, or buying and selling digital property is appropriate for you in mild of the chance concerned and your monetary situation. It’s best to think about your stage of expertise and search impartial recommendation if crucial concerning your particular circumstances. CEX.IO is just not engaged within the provide, sale, or buying and selling of securities. Please consult with the Phrases of Use for extra particulars
